Aerospace giant Rolls-Royce to build Britain’s first small modular nuclear reactors

Aerospace giant Rolls-Royce to build Britain’s first small modular nuclear reactors


A model of an UltraFan on the Rolls-Royce Holdings Plc stand on day two of the Farnborough International Airshow in Farnborough, UK, on Tuesday, July 23, 2024.

Bloomberg | Bloomberg | Getty Images

British aerospace group Rolls-Royce on Tuesday received backing from the U.K. government to build the country’s first small modular nuclear reactors.

The announcement follows a two-year selection process and reaffirms Britain’s embrace of nuclear power, particularly as it also pledged on Tuesday to invest £14.2 billion ($19.2 billion) to build the large Sizewell C power station in eastern England.

U.K. Energy Secretary Ed Miliband said plans to build the country’s first-ever small modular reactors (SMRs) would create thousands of jobs, support regional economies and strengthen energy security.

“We are ending the no-nuclear status quo as part of our Plan for Change and are entering a golden age of nuclear with the biggest building programme in a generation,” Miliband said.

Britain’s center-left Labour government said the plans could support up to 3,000 jobs and power the equivalent of 3 million homes once the SMRs are connected to the grid in the mid-2030s.

Rolls Royce welcomed the decision from Britain’s state-owned energy company, Great British Energy – Nuclear, to build three SMR units. The FTSE 100 group said it represents a “very significant milestone” for the business and Rolls-Royce SMR.

Get Ian King’s insights on U.K. business and the City of London directly
in your inbox.
Subscribe now

“It is a vote of confidence in our unique nuclear capabilities, which will be recognised by governments around the world,” Rolls-Royce CEO Tufan Erginbilgic said in a statement.

“It is also evidence that the strategic choices we have made in the transformation of Rolls-Royce are delivering,” he added.

Shares of Rolls Royce rose more than 2% on the news, notching a fresh 52-week high.

The U.K. government said it intends to sign a contract with Rolls-Royce SMR and allocate a site later this year, subject to regulatory approval.

Divisive energy source

SMRs promise to have smaller and lighter footprints than traditional plants, potentially making them cheaper and quicker to build when they are fully commercialized.

Amazon and Google both signed deals last year to develop SMRs in the U.S. as tech giants increasingly turn to nuclear to fulfill the growing energy demands from data centers.

As it is low-carbon, advocates argue that nuclear power has the potential to play a significant role in helping countries generate electricity while slashing emissions and reducing their reliance on fossil fuels.

Some environmental groups, however, warn the nuclear industry is an expensive and harmful distraction to cheaper and cleaner alternatives.



Source

BOJ’s Ueda expects tightening job market to push up wages
World

BOJ’s Ueda expects tightening job market to push up wages

Bank of Japan Governor Kazuo Ueda attends the Federal Reserve Bank of Kansas City’s 2025 Jackson Hole Economic Symposium in Jackson Hole, Wyoming on Aug. 23, 2025. Jim Urquhart | Reuters Bank of Japan Governor Kazuo Ueda said wage hikes are spreading beyond large firms and likely to keep accelerating due to a tightening job […]

Read More
From NYC to Cape Town and Shanghai: The 10 best cities for Gen Z to live in, according to them
World

From NYC to Cape Town and Shanghai: The 10 best cities for Gen Z to live in, according to them

In August, Time Out released its annual ranking of the word’s best cities, which includes the top cities for food, culture, and nightlife. For the first year, Time Out included the 10 best cities for for Gen Z to live in, according to them. The survey of over 18,500 people from around the world and […]

Read More
Medtronic makes two key additions to its board. How activist Elliott can build shareholder value
World

Medtronic makes two key additions to its board. How activist Elliott can build shareholder value

Michael Siluk | Education Images | Universal Images Group | Getty Images Company: Medtronic PLC (MDT) Business: Medtronic PLC is an Ireland-based company, which provides health-care technology solutions. The company’s products category includes Advanced Surgical Technology; Cardiac Rhythm; Cardiovascular; Digestive & Gastrointestinal; Ear, Nose & Throat; General Surgery; Gynecological; Neurological; Oral & Maxillofacial; Patient Monitoring; […]

Read More